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Zhx0003Ex001Ctx001Cddx001CZx0003hx001Cx0003x0003x0004hx0027hdx0003x0


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Document on Subject : "Zhx0003Ex001Ctx001Cddx001CZx0003hx001Cx0003x0003x0004hx0027hdx0003x0"— Transcript:

1 &/ZhEt^>dd
&/ZhEt^>ddZ/^^hϵ͕h'h^dϮϬϭϵ ϭ  ϭ ),581(:6/(77(5 ,668( WK  $8*867 /ŶƚŚŝƐŝƐƐƵĞ tĞůĐŽŵĞ  ϭ ŝĂŶŶƵĂů^ŶĂƉƐŚŽƚ  ϭ &/ZhEĞǁƐ  Ϯ ĂƐĞ^ƚƵĚLJ  ϯ &/hƉĚĂƚĞ  ϰ <ϵhƉĚĂƚĞ  ϱ ZĞƐĞĂƌĐŚhƉĚĂƚĞ  ϳ ŽŶƚĂĐƚƵƐ  ϵ tĞůĐŽŵĞ /ƚŚĂƐďĞĞŶĂďƵƐLJƉĞƌŝŽĚĨŽƌ&/ZhƐŝŶĐĞŽƵƌůĂƐƚŶĞǁƐůĞƩĞƌ͘^ŽďƵƐLJƚŚĂƚǁĞŚĂǀĞ ŶŽƚďĞĞŶĂďůĞƚŽƉƌŽĚƵĐĞĂŶĞǁƐůĞƩĞƌŽŶĂƐƌĞŐƵůĂƌĂďĂƐŝƐĂƐǁĞǁŽƵůĚůŝŬĞ͊tĞ ĂƌĞĐŽŶƐƚĂŶƚůLJůŽŽŬŝŶŐĂƚŚŽǁďĞƐƚƚŽĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚŽƵƌŶĞǁƐůĞƩĞƌƌĞĂĚĞƌƐ ʹ  ƚŚĞƌĞŝƐĂƉŽƐƐŝďŝůŝƚLJƚŚĂƚƚŚĞĨŽƌŵĂƚŽĨŽƵƌŶĞǁƐůĞƩĞƌĐŽƵůĚůŽŽŬƋƵŝƚĞĚŝīĞƌĞŶƚ ŝŶƚŽƚŚĞĨƵƚƵƌĞ͘ /ƚŚĂƐďĞĞŶĂƉĞƌŝŽĚŽĨĐŚĂŶŐĞŝŶƚŚĞŵĂŬĞƵƉŽĨŽƵƌƚĞĂŵ͕ǁŝƚŚĂĐŽƵƉůĞŽĨƐƚĂī ŵŽǀŝŶŐďĂĐŬƚŽKƉĞƌĂƟŽŶƐƚŽĨƵƌƚŚĞƌĚĞǀĞůŽƉƚŚĞŝƌĐĂƌĞĞƌƐ͘/ƚŝƐĂůǁĂLJƐƐĂĚƚŽƐĞĞ ƐƚĂīŵŽǀĞŽŶ͕ďƵƚŝƚĚŽĞƐŵĞĂŶƚŚĂƚǁĞŚĂǀĞĂĐŽƵƉůĞŽĨŶĞǁĨĂĐĞƐŝŶƚŚĞƚĞĂŵ ǁŚŽĐŽŵĞƚŽƵƐǁŝƚŚĨƌĞƐŚŝĚĞĂƐ͘tĞŚĂǀĞĂůƐŽĂĚĚĞĚĂĨĞǁŶĞǁZĞůŝĞǀŝŶŐ&ŝƌĞ/ŶͲ ǀĞƐƟŐĂƚŽƌƐƚŽŽƵƌƚĞĂŵ͕ǁŚŽĐŽŵĞƚŽǁŽƌŬǁŝƚŚƵƐƚŽĮůůǀĂĐĂŶĐŝĞƐƚŚĂƚĂƌĞĐƌĞĂƚĞĚ ďLJƐƚĂīŽŶůĞĂǀĞ͘tĞǀĂůƵĞƚŚĞĐŽŶƚƌŝďƵƟŽŶƚŚĂƚƚŚĞLJŵĂŬĞĂƐǁĞůůĂƐƚŚĞƐƵƉƉŽƌƚ ĨƌŽŵƚŚĞŝƌŚŽŵĞŽŵŵĂŶĚƐŝŶƌĞůĞĂƐŝŶŐƚŚĞŵĨŽƌƚŚŝƐŽƉƉŽƌƚƵŶŝƚLJ͘ tĞŚĂǀĞƐŽŵĞŝŶƚĞƌĞƐƟŶŐĐŽŶƚĞŶƚŝŶƚŚŝƐĞĚŝƟŽŶŽĨƚŚĞŶĞǁƐůĞƩĞƌ͕ŝŶĐůƵĚŝŶŐĂĨŽůͲ ůŽǁƵƉƚŽƚŚĞWŽůLJĂŝƌĞĮƌĞƐƚŽƌLJŝŶŽƵƌůĂƐƚŝƐƐƵĞĂďŽƵƚƚŚĞƚĞƐƟŶŐƚŚĂƚǁĞĐŽŶĚƵĐƚͲ ĞĚƚŽƚĞƐƚŽƵƌŚLJƉŽƚŚĞƐŝƐĨŽƌƚŚĞĐĂƵƐĞŽĨƚŚĞĮƌĞ͘/ǁŽŶ ͛ ƚŐŝǀĞŝƚĂǁĂLJ͕ďƵƚĂǀĞ

2 ƌLJ ŝŶƚĞƌĞƐƟŶŐ
ƌLJ ŝŶƚĞƌĞƐƟŶŐŽƵƚĐŽŵĞ͊ ŽŶ ͛ ƚĨŽƌŐĞƚƚŽƐĞŶĚƵƐĨĞĞĚďĂĐŬĂƚ ĮƌƵΛĮƌĞ͘ŶƐǁ͘ŐŽǀ͘ĂƵ  ŝĨLJŽƵŚĂǀĞĂŶLJƐƵŐŐĞƐͲ ƟŽŶƐŽĨŚŽǁǁĞĐŽƵůĚŝŵƉƌŽǀĞƚŚĞǁĂLJǁĞĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚLJŽƵ͘ ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ'ƌĂŚĂŵ<ŝŶŐƐůĂŶĚ͕DĂŶĂŐĞƌ&/Zh ^EW^,Kd :E - :h> /E/Ed^ddE ϭϮϰ <ϵW>KzDEd^ ϰϲ ZW^W>KzDEd^ ϰϮ &d>/d/^ddE ϭϭ dZD/Ed/KE^͗  /Ed> ϮϮй  /EE/Zz ϯϰй  hEdZD/E ϰϬй d,&/Z&/',dZyWKͲ ^hZ^hZsz/^^d/>>>/s͘ KE ͛ d&KZ'ddKd< WZd/Ed,/^tKZ> >/E'Z^Z,z &ZE^tΘhY͗ ǁǁǁ͘ƐƵƌǀĞLJŵŽŶŬĞLJ͘ĐŽŵͬ ƌͬĮƌĞĮŐŚƚĞƌƌĞƐĞĂƌĐŚ ddEd/KE>>&/Z&/',dZ^ sEz/E<ϵhE/d /ĨLJŽƵ ͛ ǀĞŚĂĚĂƚůĞĂƐƚϰϴŵŽŶƚŚƐŽĨ ƐĞƌǀŝĐĞĨƌŽŵLJŽƵƌĚĂƚĞŽĨĐŽŵͲ ŵĞŶĐĞŵĞŶƚĂƐĂƌĞĐƌƵŝƚĮƌĞĮŐŚƚĞƌ ĂŶĚǁĂŶƚƚŽĐŚĂůůĞŶŐĞLJŽƵƌƐĞůĨ ǁŝƚŚĂƵŶŝƋƵĞĂŶĚƌĞǁĂƌĚͲ ŝŶŐ ƉŽƐŝƟŽŶ͕ƚŚĞŶLJŽƵĐĂŶ ĂƉƉůLJĨŽƌƚŚĞƌŽůĞŽĨĐĂŶŝŶĞŚĂŶͲ ĚůĞƌ͊ ůůŝŶƋƵŝƌŝĞƐƚŽ͗ ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ'ƌĂŚĂŵ<ŝŶŐƐůĂŶĚ ďLJĞŵĂŝůŽƌ ϬϰϭϰϲϯϳϮϬϲ ƉƉůŝĐĂƟŽŶƐĐůŽƐĞ ϭϭƚŚ^ĞƉƚĞŵďĞƌϮϬϭϵ dĂůĞŽZĞĨĞƌĞŶĐĞ͗ϬϬϬϬϳϲy' &/ZhEt^>ddZ/^^hϵ͕h'h^dϮϬϭϵ Ϯ  Ϯ &/ZhEt^ &&/Z/E^d/'d/KEEdtKZ<Et^ ƵŐϮϬϭϵ͗  dŚĞDĂŶĂŐĞƌƐŽĨƚŚĞ&ŝƌĞ/ŶǀĞƐƟŐĂƟŽŶĂŶĚ ZĞƐĞĂƌĐŚhŶŝƚƐĂƌŽƵŶĚƵƐƚƌĂůŝĂĂŶĚEĞǁĞĂůĂŶĚĂƌĞ ĂůůŵĞŵďĞƌƐŽĨƚŚĞ&&ŝƌĞ/ŶǀĞƐƟŐĂƟŽŶEĞƚǁŽƌŬ͘ &ƌĞĐŽŐŶŝƐĞƐĂŶĚǀĂůƵĞƐƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨĂĐŽůͲ ůĂďŽƌĂƟǀĞĂƉƉƌŽĂĐŚƚŽĞŶŚĂŶĐĞƚŚĞĐŽůůĞĐƟǀĞĮƌĞŝŶͲ ǀĞƐƟŐĂƟŽŶĐĂƉĂďŝůŝƚLJ͘dŚĞ&/EƌĞŐƵůĂƌůLJĐŽŵĞƚŽŐĞƚŚĞƌ ƚŽƐŚĂƌĞŬŶŽǁůĞĚŐĞ͕ĞdžĐŚĂŶŐĞŝŶƐŝŐŚƚƐ͕ĞdžƉůŽƌĞŽƉƉŽƌͲ ƚƵŶŝƟĞƐĂŶĚĐƌĞĂƚĞƐŽůƵƟŽŶƐƚŚĂƚƐŚĂƉĞďĞƐƚƉƌĂĐƟĐĞ͘ dŚĞ&/EƌĞĐĞŶƚůLJŐĂƚŚĞƌĞĚƚŽŐĞƚŚĞƌŝŶDĞůďŽƵƌŶĞĨŽƌĂ ƚǁŽ - ĚĂLJŵĞĞƟŶŐ͘dŽƉŝĐƐĚŝƐĐƵƐƐĞĚŝŶĐůƵĚĞĚ͕ƚŚĞ ĞŵĞƌŐŝŶŐƌŝƐŬŽĨůŝƚŚŝƵŵ - ŝŽŶďĂƩĞƌLJƐƚŽƌĂŐĞƐLJƐƚĞŵƐ͕ &WƌŽĨĞƐƐŝŽŶĂůŝƐĂƟŽŶ^ĐŚĞŵĞĨŽƌ&ŝƌĞ/ŶǀĞƐƟŐĂͲ ƚŽƌƐ͕ƚŚĞǁŽƌŬŝŶŐŐƌŽƵƉƌĞǀŝĞǁŽĨƚŚĞĚǀĂŶĐĞĚŝƉůŽͲ ŵĂWƵďůŝĐ^ĂĨĞƚLJ;&ŝƌĞ/ŶǀĞƐƟŐĂƟŽŶͿ͕&#x

3 0003;ĂŐĞŶĐLJƵƉĚĂƚĞƐ
0003;ĂŐĞŶĐLJƵƉĚĂƚĞƐ͕ ĂƐǁĞůůĂƐŵĂŶLJŶĞƚǁŽƌŬŝŶŐŽƉƉŽƌƚƵŶŝƟĞƐďĞƚǁĞĞŶ ƚŚĞǀĂƌŝŽƵƐĂŐĞŶĐŝĞƐ͘ dŚĞŐƌŽƵƉĂůƐŽŚĂĚƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽǀŝƐŝƚ^/ZK ͛ Ɛ ůĂLJƚŽŶZĞƐĞĂƌĐŚ&ĂĐŝůŝƚLJĂŶĚǁŝƚŶĞƐƐƐŽŵĞĚĞƐƚƌƵĐͲ ƟŽŶƚĞƐƟŶŐŽĨůŝƚŚŝƵŵ - ŝŽŶďĂƩĞƌLJĐĞůůƐ͘ dŚĞĐŽůůĂďŽƌĂƟŽŶďĞƚǁĞĞŶƚŚĞŵĞŵďĞƌĂŐĞŶĐŝĞƐƚŚĂƚ ƚŚĞƐĞŽƉƉŽƌƚƵŶŝƟĞƐĨŽƐƚĞƌŝƐŝŶǀĂůƵĂďůĞƚŽĂůůƉƌĞƐĞŶƚ͘ 'ƌĂŚĂŵ<ŝŶŐƐůĂŶĚ &/Zhs/^/d^^D^hE',Y ĞĐϮϬϭϴ͗  ^ƚĂīĨƌŽŵ&/ZhĂůŽŶŐǁŝƚŚŽƚŚĞƌĮƌĞŝŶǀĞƐƟͲ ŐĂƚŽƌƐĨƌŽŵEĞǁĞĂůĂŶĚĂŶĚYƵĞĞŶƐůĂŶĚĂƩĞŶĚĞĚ ^ĂŵƐƵŶŐŚĞĂĚŽĸĐĞƚŽďĞƚƌĂŝŶĞĚďLJƚŚĞŝƌĞdžƉĞƌƚƐĨƌŽŵ <ŽƌĞĂŝŶŚŽǁƚŽĐŽƌƌĞĐƚůLJŝĚĞŶƟĨLJ^ĂŵƐƵŶŐƉƌŽĚƵĐƚƐ ƚŚĂƚŚĂǀĞďĞĞŶŝŶǀŽůǀĞĚŝŶĮƌĞ͘tŝƚŚĮƌĞƐƐƟůůŽĐĐƵƌƌŝŶŐ ŝŶƚŚĞŝƌǁĂƐŚŝŶŐŵĂĐŚŝŶĞƐ͕ƚŚŝƐǁĂƐĂǀĂůƵĂďůĞǀŝƐŝƚĂŶĚ ƐŚŽǁĞĚĂĐŽŽƉĞƌĂƟǀĞĂƉƉƌŽĂĐŚ^ĂŵƐƵŶŐŚĂƐƚĂŬĞŶ ǁŝƚŚĮƌĞŝŶǀĞƐƟŐĂƚŽƌƐĂƌŽƵŶĚƚŚĞĐŽƵŶƚƌLJ͘ ^d&&,E'^/E&/Zh dŚĞƌĞŚĂƐƌĞĐĞŶƚůLJďĞĞŶĂĐŽƵƉůĞŽĨƐƚĂīĐŚĂŶŐĞƐĂƚ &/Zh͘KŶĞŽĨŽƵƌ<ϵ,ĂŶĚůĞƌƐ͕:ŽĞůtĂůƚŽŶŚĂƐƌĞĐĞŶƚůLJ ĚĞĐŝĚĞĚƚŚĂƚŚĞǁŽƵůĚůŝŬĞƚŽŐĞƚďĂĐŬƚŽĨƌŽŶƚůŝŶĞŽƉĞƌͲ Ă Ɵ Ž Ŷ Ɛ  Ă Ō Ğ ƌ  Ă  Ŷ Ğ Ă ƌ ů LJ  ϭ Ϭ - LJ Ğ Ă ƌ  Ɛ Ɵ Ŷ ƚ  ǁ ŝ ƚ Ś ŝ Ŷ  Ž Ƶ ƌ  < ϵ  d Ğ Ă ŵ ͘  :ŽĞůŚĂƐŐŝǀĞŶĚĞĚŝĐĂƚĞĚĂŶĚƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƚŽŽƵƌ ƚĞĂŵĂŶĚŚĞǁŝůůďĞŚĂƌĚƚŽƌĞƉůĂĐĞ͘ƐƉĞĐŝĂůƚŚĂŶŬƐ ŐŽĞƐƚŽ:ŽĞůĨŽƌŚŝƐƟŵĞǁŝƚŚƵƐ͘ dĂƌĂƵƌƚŽŶ͕ŽŶĞŽĨŽƵƌ&ŝƌĞ/ŶǀĞƐƟŐĂƚŽƌƐŚĂƐĂůƐŽŵĂĚĞ ƚŚĞĚĞĐŝƐŝŽŶƚŽƌĞƚƵƌŶƚŽŽƉĞƌĂƟŽŶƐ͘ůƚŚŽƵŐŚĂŵƵĐŚ ƐŚŽƌƚĞƌƐƟŶƚǁŝƚŚƚŚĞƚĞĂŵ͕dĂƌĂŚĂĚŶŽůĞƐƐŽĨĂƉŽƐŝͲ ƟǀĞŝŵƉĂĐƚŽŶƚŚĞƵŶŝƚĂŶĚƚŚĞĐƵůƚƵƌĞǁŝƚŚŝŶƚŚĞƚĞĂŵ͘ dŚĂŶŬLJŽƵ͕dĂƌĂ͘ dĂƌĂ ͛ ƐƌĞƉůĂĐĞŵĞŶƚŚĂƐŶŽǁďĞĞŶƐĞůĞĐƚĞĚĂŌĞƌĂǀĞƌLJ ĐŽŵƉĞƟƟǀĞƌĞĐƌƵŝƚŵĞŶƚƉƌŽĐĞƐƐ͘tĞǁĞůĐŽŵĞŶĚƌĞǁ >ŽǁƚŽƚŚĞƚĞĂŵ͘ŶĚƌĞǁǁŝůůďĞƐƉĞŶĚŝŶŐƚŚĞĐŽŵŝŶŐ ƉĞƌŝŽĚŽĨƟŵĞǁŽƌŬŝŶŐƚŽǁĂƌĚƐďĞĐŽŵŝŶŐĂ&ŝƌĞ/ŶǀĞƐƟͲ ŐĂƚŽƌŝŶŚŝƐŽǁŶƌŝŐŚƚ͘ &/ZhĂůƐŽƌĞĐĞŶƚůLJǁĞůĐŽŵĞĚƚŚĞĂĚĚŝƟŽŶŽĨĂŶĞǁZĞͲ ƐĞĂƌĐŚKĸĐĞƌ ʹ  ZLJůĞĞ>Ăŵ͘ZLJůĞĞŝƐĂŐƌĞĂƚĂĚĚŝƟŽŶƚŽ ŽƵƌƚĞĂŵĂŶĚ

4 ŽŵĞƐǁŝƚŚĂ�
ŽŵĞƐǁŝƚŚĂƐƚƌŽŶŐĨŽƌĞŶƐŝĐĂŶĚƌĞƐĞĂƌĐŚ ďĂĐŬŐƌŽƵŶĚ͕ŚĂǀŝŶŐǁŽƌŬĞĚĂƐĂƐƚĂīŵĞŵďĞƌĂƚtĞƐƚͲ ĞƌŶ^LJĚŶĞLJhŶŝǀĞƌƐŝƚLJŝŶƚŚĞ&ŽƌĞŶƐŝĐ^ĐŝĞŶĐĞZĞƐĞĂƌĐŚ dĞĂŵ͘ 'ƌĂŚĂŵ<ŝŶŐƐůĂŶĚ &/Zh/Ed,Et^ ƉƌϮϬϭϵ͗  dŚĞĐŚĂŶŐĞƐƚŽ ĂƵƚŽŵĂƟĐĮƌĞƐƵƉͲ ƉƌĞƐƐŝŽŶƐLJƐƚĞŵ ůĂǁƐŝŶƚŚĞϮϬϭϵ EĂƟŽŶĂůŽŶƐƚƌƵĐͲ ƟŽŶŽĚĞǁĞƌĞ ůĂƵŶĐŚĞĚĂƚĂŵĞĚŝĂĚĂLJĂƚ>ŽŶĚŽŶĚĞƌƌLJǁŝƚŚŝŶĚƵƐƚƌLJ ĐŽůůĂďŽƌĂƚŽƌƐ͘ :ƵŶϮϬϭϵ ͗  ͞ ƵƐƚƌĂůŝĂ ͛ Ɛ,ĞƌŽŽŐƐ ͟ ^ƵŶƌŝƐĞƐƚŽƌLJŽŶƵƐͲ ƚƌĂůŝĂ ͛ ƐĚŝīĞƌĞŶƚĐĂŶŝŶĞƵŶŝƚƐĨĞĂƚƵƌŝŶŐŽƵƌŽǁŶĂĐĐĞůĞƌͲ ĂŶƚĚĞƚĞĐƟŽŶĚŽŐƐĂŶĚƚŚĞŝƌĐŽŶƚƌŝďƵƟŽŶƚŽĮƌĞŝŶǀĞƐƟͲ ŐĂƟŽŶ͘ ͞ dŚĞLJ ͛ ǀĞƉƌŽǀĞĚƚŚĞŝƌǁŽƌƚŚƟŵĞĂŶĚƟŵĞĂŐĂŝŶ ͟ &/ZhĂƚ^ĂŵƐƵŶŐƵƐƚƌĂůŝĂ &ZKD/E^WdKZdK,/&^hWZ Ͷ </d,/ /E&/Zh :ƵůϮϬϭϵ͗  /ƚǁĂƐǁŝƚŚƐĂĚŶĞƐƐƚŚĂƚǁĞƌĞĐĞŝǀĞĚƚŚĞŶĞǁƐ ŽĨƚŚĞƉĂƐƐŝŶŐŽĨƌĞƟƌĞĚ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ<ĞŝƚŚĂĚŝĞ͘ <ĞŝƚŚƐĞƌǀĞĚǁŝƚŚ&/ZhŝŶƚŚĞůĂƚĞĞŝŐŚƟĞƐĂŶĚĞĂƌůLJ ŶŝŶĞƟĞƐďĞĨŽƌĞďĞŝŶŐƉƌŽŵŽƚĞĚƚŽĞƉƵƚLJZĞŐŝŽŶĂů ŽŵŵĂŶĚĞƌ͘KƵƌƐLJŵƉĂƚŚLJŐŽĞƐŽƵƚƚŽŚŝƐĨĂŵŝůLJĂƚƚŚŝƐ ƟŵĞŽĨŐƌĞĂƚůŽƐƐ͘   'ƌĂŚĂŵ<ŝŶŐƐůĂŶĚ &/ZhEt^>ddZ/^^hϵ͕h'h^dϮϬϭϵ ϯ  ϯ &/Z/Es^d/'d/KE Ͷ ^^dhz d^d/E'd,,zWKd,^/^ KǀĞƌǀŝĞǁ /ŶŽƵƌůĂƐƚŝƐƐƵĞǁĞĚĞƚĂŝůĞĚƚŚĞŝŶǀĞƐƟŐĂƟŽŶŝŶƚŽƚŚĞϵ ƚŚ  ůĂƌŵĂƚ^ĞǀĞŶ,ŝůůƐ͘&/ZhŚĂĚƚǁŽƉĂůůĞƚƐŽĨƉƌŽĚƵĐƚ͕ ƐŝŵŝůĂƌƚŽǁŚĂƚǁĂƐƐƚŽƌĞĚĂƚƚŚĞƌĞĂƌŽĨƚŚĞWŽůLJĂŝƌĞ ĨĂĐƚŽƌLJ͕ĚĞůŝǀĞƌĞĚƚŽƚŚĞZĞƐĞĂƌĐŚĂŶĚdĞƐƚ&ĂĐŝůŝƚLJŽƉĞƌͲ ĂƚĞĚďLJ&ŝƌĞΘZĞƐĐƵĞEĞǁ^ŽƵƚŚtĂůĞƐ;&ZE^tͿĂƚ>ŽŶͲ ĚŽŶĚĞƌƌLJ͘dŚĞĐŽŵƉĂŶLJƉƌŽǀŝĚĞĚƚŚĞŵƚŚĞǁĞĞŬĂŌĞƌ ƚŚĞĮƌĞ͘dŚĞƚǁŽƉĂůůĞƚƐĐŽŶƚĂŝŶĞĚƚŚĞWŽůLJĂŝƌĞzƐƉůŝƩĞƌ ĮƫŶŐƐǁŝƚŚϲϯ;ϳůĂLJĞƌƐŽĨϵŽŶĞĂĐŚƌŽǁƐĞƉĂƌĂƚĞĚďLJ ĐĂƌĚďŽĂƌĚͿŽŶĞĂĐŚƉĂůůĞƚ͘WůĂƐƟĐĮůŵǁƌĂƉƉĞĚďŽƚŚƉĂůͲ ůĞƚƐŝŶĚŝǀŝĚƵĂůůLJǁŝƚŚƐŽŵĞŵŝŶŽƌŐĂƉƐĂŶĚŚŽůĞƐŝŶƚŚĞ ƉůĂƐƟĐ͘ KŶDŽŶĚĂLJϭϳ ƚŚ  ĞĐĞŵďĞƌϮϬϭϴĮƌĞŝŶǀĞƐƟŐĂƚŽƌƐ ĨƌŽŵ&/ZhĂŶĚƚŚƌĞĞƉƌŝǀĂƚĞĮƌĞŝŶǀĞƐƟŐ

5 ƚŽƌƐĂƌƌŝǀĞĚ
ƚŽƌƐĂƌƌŝǀĞĚĂƚ ƚŚĞZĞƐĞĂƌĐŚ&ĂĐŝůŝƚLJƚŽĐŽŶĚƵĐƚƚĞƐƟŶŐŽŶƚŚĞƚǁŽƉĂůͲ ůĞƚƐ͘dŚĞĨŽƌĞĐĂƐƚĨŽƌƚŚĂƚĚĂLJǁĂƐƚŽďĞŚŽƚǁŝƚŚŶŽ ĐůŽƵĚƐĂŶĚůŝŐŚƚǁŝŶĚƐ͘dĞŵƉĞƌĂƚƵƌĞƐǁĞƌĞĞdžƉĞĐƚĞĚƚŽ ƌĞĂĐŚϯϰΣ͘dŚĞƐĞĐŽŶĚŝƟŽŶƐǁĞƌĞƐŝŵŝůĂƌƚŽǁŚĂƚǁĂƐ ĞdžƉĞƌŝĞŶĐĞĚŽŶƚŚĞĚĂLJŽĨƚŚĞĮƌĞ͘ dŚĞƚǁŽƉĂůůĞƚƐǁĞƌĞƐƚĂĐŬĞĚŽŶƚŚĞŐƌŽƵŶĚƚŚĞŶ ƚŚƌĞĞĚĞƉƌĞƐƐŝŽŶƐǁĞƌĞĐƌĞĂƚĞĚŽŶƚŚĞƚǁŽƉĂůůĞƚƐ͘tĂͲ ƚĞƌǁĂƐƚŚĞŶƉŽƵƌĞĚŝŶƚŽƚŚĞƐĞĚĞƉƌĞƐƐŝŽŶƐƚŽĐƌĞĂƚĞĂ ƉŽŽůƚŽƐŝŵƵůĂƚĞƚŚĞƉŽŽůŝŶŐŽĨƌĂŝŶǁĂƚĞƌ͘/ƚǁĂƐŚLJƉŽƚŚͲ ĞƐŝƐĞĚƚŚĂƚƚŚŝƐƉŽŽůŽĨǁĂƚĞƌĐŽƵůĚĐƌĞĂƚĞĂůĞŶƐƚŚĂƚ ŵĂŐŶŝĮĞƐƚŚĞƐƵŶ ͛ ƐƌĂLJƐ͕ĐƌĞĂƟŶŐĂĨŽĐĂůƉŽŝŶƚƚŚĂƚĐŽƵůĚ ŝŐŶŝƚĞĂĐŽŵďƵƐƟďůĞŵĂƚĞƌŝĂů͘ tŝƚŚŝŶϯϬŵŝŶƵƚĞƐ͕ƐŵŽƵůĚĞƌŝŶŐƚŽƚŚĞĐĂƌĚďŽĂƌĚ ďĞƚǁĞĞŶƚŚĞůĂLJĞƌƐǁĂƐŽďƐĞƌǀĞĚŝŶƚǁŽŽĨƚŚĞƉŽŽůƐ͘ KŶĞŽĨƚŚĞƉŽŽůƐĐŽŶƟŶƵĞĚƚŽďƵƌŶƚŚĞĐĂƌĚďŽĂƌĚ ďƵƚĚŝĚŶŽƚƉƌŽŐƌĞƐƐƚŽƚŚĞŇĂŵŝŶŐƐƚĂŐĞĂŌĞƌŽǀĞƌĂŶ ŚŽƵƌ͘ dŚĞŽƚŚĞƌƉŽŽůĐŽŶƟŶƵĞĚƚŽďƵƌŶĂŚŽůĞŝŶƚŚĞĐĂƌĚͲ ďŽĂƌĚŝŶƐŝĚĞƚŚĞƉĂůůĞƚ͘^ŵŽŬĞŐĞŶĞƌĂƟŽŶŝŶĐƌĞĂƐĞĚĂŶĚ ĂWWsǁĂƐŝŶƚƌŽĚƵĐĞĚƚŽƐŝŵƵůĂƚĞƚŚĞŚŝŐŚǁŝŶĚƐĞdžƉĞƌŝͲ ĞŶĐĞĚŽŶƚŚĂƚĚĂLJ͘:ƵƐƚĂŌĞƌϯŚŽƵƌƐŽĨƐŵŽƵůĚĞƌŝŶŐ͕ ŇĂŵŝŶŐŝŐŶŝƟŽŶŽĐĐƵƌƌĞĚ͘dŚĞĮƌĞŝŶĐƌĞĂƐĞĚƌĂƉŝĚůLJĚƵĞ ƚŽƚŚĞďƵƌŶŝŶŐŽĨƚŚĞƉůĂƐƟĐŵŽƵůĚĂŶĚƚŚĞƉŽůLJƵƌĞƚŚĂŶĞ ŽŶƚŚĞƐƉůŝƩĞƌƐ͘ dŚĞƐƵŵŵĂƌLJŽĨƚŚĞƚĞƐƟŶŐƐŚŽǁĞĚ͗ o  KĨƚŚĞƚŚƌĞĞƉŽŽůƐŽĨǁĂƚĞƌĐƌĞĂƚĞĚŝŶƚŚĞĐůĞĂƌ ƉůĂƐƟĐƚŚĂƚĐŽǀĞƌĞĚƚŚĞƉƌŽĚƵĐƚ͕ƚǁŽŽĨƚŚĞŵŝŶŝƟͲ ĂƚĞĚŝŐŶŝƟŽŶ͘ o  dŚĞĐĂƌĚďŽĂƌĚŝŐŶŝƚĞĚĞĂƐŝůLJŝĨƚŚĞĨŽĐĂůƉŽŝŶƚĨƌŽŵ ƚŚĞƐƵŶ ͛ ƐƌĂLJƐǁĞƌĞĨŽĐƵƐĞĚŽŶŝƚ͘ o  dŚĞLJĞůůŽǁƉŽůLJƵƌĞƚŚĂŶĞŽŶůLJĐŚĂƌƌĞĚǁŚĞŶƚŚĞ ƐƵŶ ͛ ƐƌĂLJƐǁĞƌĞĨŽĐƵƐĞĚŽŶƚŽŝƚ͘/ƚĐŽƵůĚŶŽƚƐƵƐƚĂŝŶ ĐŽŵďƵƐƟŽŶ͘ o  dŚĞďůĂĐŬƉůĂƐƟĐŵŽƵůĚŝŶŐŽŶůLJŵĞůƚĞĚǁŚĞŶƚŚĞ ƐƵŶ ͛ ƐƌĂLJƐǁĞƌĞĨŽĐƵƐĞĚŽŶƚŽŝƚ͘/ƚĐŽƵůĚŶŽƚƐƵƐƚĂŝŶ ĐŽŵďƵƐƟŽŶ͘ o  dŚĞĐŽŵƉŽƐŝƟŽŶŽĨƚŚĞŚŽŶĞLJĐŽŵďĐĂƌĚďŽĂƌĚĂůͲ ůŽǁĞĚĂŝƌƚŽďĞƌĞĂĚŝůLJĂǀĂŝůĂďůĞƚŽƚŚĞƐŵŽƵůĚĞƌͲ ŝŶŐĐĂƌĚďŽĂƌĚǁŚŝĐŚƚŚĞŶďĞĐĂŵĞ&#

6 x0003;ƐĞůĨ - ƐƵƐƚĂŝŶŝŶŐ͘&
x0003;ƐĞůĨ - ƐƵƐƚĂŝŶŝŶŐ͘ o  &ƵƌƚŚĞƌŚLJƉŽƚŚĞƐŝƐƚĞƐƟŶŐǁĂƐŶŽƚĐŽŶĚƵĐ ƚ ĞĚĚƵĞ ƚŽƚŚĞƌĞƐƵůƚƐŽĨƚŚŝƐƚĞƐƟŶŐ͘ dŚĞĐĂƵƐĞŽĨƚŚĞĮƌĞǁĂƐƚŚĞƉŽŽůŝŶŐŽĨƌĂŝŶǁĂƚĞƌĐƌĞͲ ĂƟŶŐĂůĞŶƐǁŚŝĐŚĂĐƚĞĚƚŽŵĂŐŶŝĨLJƚŚĞƐƵŶ ͛ ƐƌĂLJƐ͕ǁŚŝĐŚ ŝŐŶŝƚĞĚƚŚĞĐĂƌĚďŽĂƌĚƉĂĐŬĂŐŝŶŐ͘KŶĐĞŇĂŵŝŶŐŝŐŶŝƟŽŶ ŚĂĚďĞĞŶƌĞĂĐŚĞĚƚŚŝƐŝŐŶŝƚĞĚƚŚĞŚŝŐŚĨƵĞůůŽĂĚŽĨƉŽůLJͲ Ƶ ƌ Ğ ƚ Ś Ă Ŷ Ğ ͕  ŵ Ž Ƶ ů Ě Ğ Ě  Ɖ ů Ă Ɛ Ɵ Đ ͕  Đ Ă ƌ Ě ď Ž Ă ƌ Ě  Ă Ŷ Ě  Ɖ ů Ă Ɛ Ɵ Đ  ǁ ƌ Ă Ɖ ͘  dŚĞĐůĂƐƐŝĮĐĂƟŽŶĨŽƌƚŚŝƐĮƌĞǁĂƐEĂƚƵƌĂů͘ dŚŝƐǁĂƐĂŶŝŶĐƌĞĚŝďůĞƌĞƐƵůƚĂŶĚŝŶǀŽůǀĞĚĂůůƚŚĞŝŶǀĞƐƟͲ ŐĂƚŽƌƐ͕ďŽƚŚƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞ͕ǁŽƌŬŝŶŐƚŽŐĞƚŚĞƌƚŽĚĞͲ ǀĞůŽƉĂŶĚƚĞƐƚƚŚĞŚLJƉŽƚŚĞƐŝƐ͘dŚŝƐŝƐĞdžĂĐƚůLJŚŽǁƚŚĞ ƐĐŝĞŶƟĮĐŵĞƚŚŽĚƐŚŽƵůĚďĞƵƐĞĚŝŶĮƌĞŝŶǀĞƐƟŐĂƟŽŶĂŶĚ ĂŐƌĞĂƚƐƚƵĚLJŝŶƚŽŚŽǁĮƌĞĐĂŶďĞĐƌĞĂƚĞĚĨƌŽŵǁĂƚĞƌ͘ D& ƌĞĂƟŶŐĂůĞŶƐǁŝƚŚ ǁĂƚĞƌ ƵƌŶŝŶŐĨƌŽŵǁĂƚĞƌ dĞƐƚƉĂůůĞƚƐŽĨzƐƉůŝƩĞƌĮƫŶŐƐ &/ZhEt^>ddZ/^^hϵ͕h'h^dϮϬϭϵ ϰ  ϰ KDDKEhZEWddZE^ -  /ZZ'h>ZhZEWddZE^EdZ/>Z^ &/E/d/KE^͗ dƌĂŝůĞƌ ͗^ŽůŝĚŽƌůŝƋƵŝĚĨƵĞůƵƐĞĚƚŽŝŶƚĞŶƟŽŶĂůůLJƐƉƌĞĂĚŽƌĂĐĐĞůĞƌĂƚĞƚŚĞƐƉƌĞĂĚŽĨĂĮƌĞĨƌŽŵŽŶĞĂƌĞĂƚŽĂŶŽƚŚĞƌ͘ /ƌƌĞŐƵůĂƌůLJƐŚĂƉĞĚĮƌĞƉĂƩĞƌŶƐ ͗&ŝƌĞƉĂƩĞƌŶƐƌĞƐƵůƟŶŐĨƌŽŵƚŚĞďƵƌŶŝŶŐŽĨŝŐŶŝƚĂďůĞůŝƋƵŝĚƐ͘ h^͗ /ŶƚŚĞĐĂƐĞŽĨŝŶĐĞŶĚŝĂƌLJĮƌĞƐ͕ǁŚĞŶĨƵĞůƐĂƌĞŝŶƚĞŶƟŽŶĂůůLJĚŝƐƚƌŝďƵƚĞĚŽƌ ͞ ƚƌĂŝůĞĚ ͟ ĨƌŽŵŽŶĞĂƌĞĂƚŽĂŶŽƚŚĞƌ͕ĞůŽŶͲ ŐĂƚĞĚƉĂƩĞƌŶƐŵĂLJďĞǀŝƐŝďůĞ͘^ƵĐŚĮƌĞƉĂƩĞƌŶƐĐĂŶďĞĨŽƵŶĚĂůŽŶŐŇŽŽƌƐĂŶĚŽƚŚĞƌŚŽƌŝnjŽŶƚĂůƐƵƌĨĂĐĞƐƚŽĐŽŶͲ ŶĞĐƚƐĞƉĂƌĂƚĞĮƌĞƐĞƚƐ͕ŽƌƵƉƐƚĂŝƌǁĂLJƐ͘&ƵĞůƐƵƐĞĚĨŽƌƚƌĂŝůĞƌƐŵĂLJďĞŝŐŶŝƚĂďůĞůŝƋƵŝĚƐ͕ƐŽůŝĚƐ͕ŽƌĐŽŵďŝŶĂƟŽŶƐŽĨ ƚŚĞƐĞ͘ĞƉĞŶĚŝŶŐŽŶƚŚĞƚLJƉĞŽĨĨƵĞůƵƐĞĚ͕ƉŽƌƟŽŶƐŽĨƚŚĞƚƌĂŝůĞƌŵĂLJƐƵƌǀŝǀĞƚŚĞĮƌĞ͘ /ƌƌĞŐƵůĂƌ͕ĐƵƌǀĞĚ͕Žƌ ͞ ƉŽŽů - ƐŚĂƉĞĚ ͟ ƉĂƩĞƌŶƐŽŶŇŽŽƌƐĂŶĚŇŽŽƌĐŽǀĞƌŝŶŐƐƐŚŽƵůĚŶŽƚďĞŝĚĞŶƟĮĞĚĂƐƌĞƐƵůƟŶŐĨƌŽŵ ŝŐŶŝƚĂďůĞůŝƋƵŝĚƐŽŶƚŚĞďĂƐŝƐŽĨǀŝƐƵĂůĂƉƉĞĂƌĂŶĐĞĂůŽŶĞ͘/ŶĐĂƐĞƐŽĨĨƵůůƌŽŽŵŝŶǀŽůǀĞŵĞŶƚ͕ƉĂƩĞƌŶƐƐŝŵŝůĂƌŝŶĂƉͲ ƉĞĂƌĂ

7 ĐĞƚŽŝŐŶŝƚĂď
ĐĞƚŽŝŐŶŝƚĂďůĞůŝƋƵŝĚďƵƌŶƉĂƩĞƌŶƐĐĂŶďĞƉƌŽĚƵĐĞĚǁŚĞŶŶŽŝŐŶŝƚĂďůĞůŝƋƵŝĚŝƐƉƌĞƐĞŶƚ͘ dŚĞƚĞƌŵ ƉŽƵƌƉĂƩĞƌŶ ŝŵƉůŝĞƐƚŚĂƚĂůŝƋƵŝĚŚĂƐďĞĞŶƉŽƵƌĞĚŽƌŽƚŚĞƌǁŝƐĞĚŝƐƚƌŝďƵƚĞĚ͕ĂŶĚƚŚĞƌĞĨŽƌĞ͕ŝƐĚĞŵŽŶƐƚƌĂͲ ƟǀĞŽĨĂŶŝŶƚĞŶƟŽŶĂůĂĐƚ͘ĞĐĂƵƐĞĮƌĞƉĂƩĞƌŶƐƌĞƐƵůƟŶŐĨƌŽŵďƵƌŶŝŶŐŝŐŶŝƚĂďůĞůŝƋƵŝĚƐĂƌĞŶŽƚǀŝƐƵĂůůLJƵŶŝƋƵĞ͕ƚŚĞ ƵƐĞŽĨƚŚĞƚĞƌŵƉŽƵƌƉĂƩĞƌŶĂŶĚƌĞĨĞƌĞŶĐĞƚŽƚŚĞŶĂƚƵƌĞŽĨƚŚĞƉĂƩĞƌŶƐŚŽƵůĚďĞĂǀŽŝĚĞĚ͘dŚĞĐŽƌƌĞĐƚƚĞƌŵĨŽƌ ƚŚŝƐĮƌĞƉĂƩĞƌŶŝƐĂŶ ŝƌƌĞŐƵůĂƌůLJƐŚĂƉĞĚĮƌĞƉĂƩĞƌŶ ͘dŚĞƉƌĞƐĞŶĐĞŽĨĂŶŝŐŶŝƚĂďůĞůŝƋƵŝĚƐŚŽƵůĚďĞĐŽŶĮƌŵĞĚďLJ ůĂďŽƌĂƚŽƌLJĂŶĂůLJƐŝƐ͘dŚĞĚĞƚĞƌŵŝŶĂƟŽŶŽĨƚŚĞŶĂƚƵƌĞŽĨĂŶŝƌƌĞŐƵůĂƌƉĂƩĞƌŶƐŚŽƵůĚŶŽƚďĞŵĂĚĞďLJǀŝƐƵĂůŝŶƚĞƌƉƌĞͲ ƚĂƟŽŶŽĨƚŚĞƉĂƩĞƌŶĂůŽŶĞ͘ Z&ZE^͗  E&WϵϮϭ͗  'ƵŝĚĞĨŽƌ&ŝƌĞĂŶĚdžƉůŽƐŝŽŶ/ŶǀĞƐƟŐĂƟŽŶƐ͕ϮϬϭϳĚŝƟŽŶ͘ &/Z/Es^d/'d/KE Et^d&&YĂŶĚ Ͷ &/:<DE tŚĂƚŝƐLJŽƵƌŶŽƌŵĂůƉŽƐŝƟŽŶ͍ &ŝƌĞĮŐŚƚĞƌďĂƐĞĚĂƚƵƌǁŽŽĚŽŶWůĂƚŽŽŶ͘ tŚLJĚŝĚLJŽƵďĞĐŽŵĞŝŶƚĞƌĞƐƚĞĚŝŶ&ŝƌĞ/ŶǀĞƐƟŐĂƟŽŶ͍ tĞŚĂǀĞĂƐƐŝƐƚĞĚ&/ZhĂƚĂĨĞǁŝŶĐŝĚĞŶƚƐƚŚĂƚ ǁĞŚĂǀĞ ĂƩĞŶĚĞĚŝŶƚŚĞƉĂƐƚ͘/ǁĂƐĚƌĂǁŶƚŽƚŚĞǁĂLJŝŶǁŚŝĐŚ ƚŚĞŝŶǀĞƐƟŐĂƚŽƌǁĂƐĂďůĞƚŽĚĞĐŝƉŚĞƌƉĂƩĞƌŶƐĂŶĚǁŽƌŬ ŽƵƚƚŚĞĮƌĞ ͛ ƐĚĞǀĞůŽƉŵĞŶƚŝŶĂƌŽŽŵƚŚĂƚƚŽŵĞũƵƐƚ ůŽŽŬĞĚůŝŬĞĂďƵƌŶƚĂŶĚďůĂĐŬĞŶĞĚŵĞƐƐ͘ ,ŽǁĚŝĚLJŽƵĮŶĚƚŚĞƉƌŽĐĞƐƐŽĨďĞŝŶŐƚƌĂŝŶĞĚĂƐĂ&ŝƌĞ /ŶǀĞƐƟŐĂƚŽƌ͍ džƚƌĞŵĞůLJŝŶƚĞƌĞƐƟŶŐ͘ /ƚǁĂƐĨĂŶƚĂƐƟĐƚŽǁŽƌŬǁŝƚŚ ĂƩĞŶĚŝŶŐĮƌĞĐƌĞǁƐƚŽŐĂƚŚĞƌŝŶĨŽƌŵĂƟŽŶĂŶĚƚŽǁŽƌŬ ĂůŽŶŐƐŝĚĞŽƚŚĞƌĂŐĞŶĐŝĞƐŝŶĐůƵĚŝŶŐƌŝŵĞ^ĐĞŶĞ͘ zŽƵďĞŐŝŶƚƌĂŝŶŝŶŐ ďLJĂƐƐŝƐƟŶŐĂŶĚƐŚĂĚŽǁŝŶŐĂŶŝŶǀĞƐƟͲ ŐĂƚŽƌ͘zŽƵƚŚĞŶ ƐůŽǁůLJƚĂŬĞĂŵŽƌĞĂĐƟǀĞƌŽůĞŝŶĚŝīĞƌͲ ĞŶƚƉĂƌƚƐŽĨƚŚĞŝŶǀĞƐƟŐĂƟŽŶĂƐLJŽƵĂĐƋƵŝƌĞĂŶĚůĞĂƌŶ ŵŽƌĞƐŬŝůůƐ͘ ŶĂƐƐĞƐƐŵĞŶƚďLJƚŚĞdĞĂŵ>ĞĂĚĞƌƐŝƐƚŚĞŶ ƵŶĚĞƌƚĂŬĞŶŝĨŬĞLJĐƌŝƚĞƌŝĂĂƌĞŵĞƚ͘ tŚĂƚŚĂƐďĞĞŶƚŚĞĐŚĂůůĞŶŐĞƐďĞĞŶŝŶďĞĐŽŵŝŶŐĂĮƌĞ ŝŶǀĞƐƟŐĂƚŽƌ͍ dŚĞƌĞƉŽƌƟŶŐƐŝĚĞŽĨĂŶŝŶǀĞƐƟŐĂƟŽŶŝƐƚŚŽƌŽƵŐŚĂ

8 Ě ƌĞƋƵŝƌĞƐŵĞ
Ě ƌĞƋƵŝƌĞƐŵĞƟĐƵůŽƵƐƟƚůŝŶŐ͘dŚŝƐ ǁĂƐĂůĞĂƌŶŝŶŐĐƵƌǀĞĨŽƌ ŵĞĂƐŵLJĐŽŵƉƵƚĞƌĂŶĚĨŽƌŵĂƫŶŐƐŬŝůůƐĚĞĮŶŝƚĞůLJ ŶĞĞĚĞĚƐŽŵĞǁŽƌŬ͘dŚĞƉŚŽƚŽŐƌĂƉŚLJƐŝĚĞŽĨĂŶŝŶǀĞƐƟͲ ŐĂƟŽŶŝƐĂůƐŽĐŚĂůůĞŶŐŝŶŐ͕ŝƚŝƐƋƵŝƚĞĂŶĂƌƚƚŽ ƚĂŬĞĂŶ ĞīĞĐƟǀĞƉŚŽƚŽŽĨĂďůĂĐŬĂŶĚĚĂƌŬƐĐĞŶĞ͘ :ĂĐŬĚŵĂŶ /ƌƌĞŐƵůĂƌƵƌŶWĂƩĞƌŶ dƌĂŝůĞƌŽŶŐƌŽƵŶĚŚĞĂĚŝŶŐƚŽǁĂƌĚƐĂŶĂŝƌĐƌĂŌ &/ZhEt^>ddZ/^^hϵ͕h'h^dϮϬϭϵ ϱ  ϱ EhWd&ZKDKhZ<ϵdD>Z dŚĞĮƌƐƚŚĂůĨŽĨƚŚŝƐLJĞĂƌŚĂƐƐĞĞŶƐŽŵĞďŝŐĐŚĂŶŐĞƐ ǁŝƚŚŝŶƚŚĞĐĂŶŝŶĞƵŶŝƚ͘ &ŝƌƐƚůLJĂŌĞƌĂůĞŶŐƚŚLJƌĞĐƌƵŝƚŵĞŶƚĐĂŵƉĂŝŐŶǁĞĮŶĂůͲ ůLJƐĞĐƵƌĞĚĂŶĞǁŚĂŶĚůĞƌĨŽƌϱLJĞĂƌŽůĚ<ϵsŝŬŝŶŐ͘ ^ŝŶĐĞ/ŶƐƉĞĐƚŽƌWŚŝůůŝƉƟĞŶŶĞĮŶŝƐŚĞĚŚŝƐϭϱLJĞĂƌƚĞŶͲ ƵƌĞǁŝƚŚ&/ZhůĂƐƚLJĞĂƌsŝŬŝŶŐŚĂĚďĞĞŶŝŶďŽĂƌĚŝŶŐƐŽ ŝƚǁĂƐĨĂŶƚĂƐƟĐƚŽďĞĂďůĞƚŽƉĂŝƌŚŝŵƵƉǁŝƚŚŶĞǁůLJ ĂƉƉŽŝŶƚĞĚŚĂŶĚůĞƌƌĂŝŐ'ŽƌĚŽŶ͘ ƌĂŝŐŚĂĚďĞĞŶĂƚϲϮƉůĂƚŽŽŶĨŽƌϰLJĞĂƌƐďĞĨŽƌĞ ũŽŝŶŝŶŐ&/ZhĂŶĚŚĂƐƚĂŬĞŶƚŽƚŚĞŶĞǁƌŽůĞĞŶƚŚƵƐŝĂƐƟͲ ĐĂůůLJ͘^ŽĞŶƚŚƵƐŝĂƐƟĐĂůůLJƚŚĂƚũƵƐƚĂƐŚĞĚĞǀĞůŽƉĞĚĂ ŐŽŽĚǁŽƌŬŝŶŐďŽŶĚǁŝƚŚŚŝƐŶĞǁƉĂƌƚŶĞƌŚĞƉƌŽŵƉƚůLJ ƚŽŽŬůĞĂǀĞƚŽďĞǁŝƚŚŚŝƐŽƚŚĞƌƉĂƌƚŶĞƌƚŽǁĞůĐŽŵĞ EŽĂŚŝŶƚŽƚŚĞǁŽƌůĚ͘,ĂǀŝŶŐĞŶƐƵƌĞĚƚŚĂƚĂůůĂƚŚŽŵĞĂƌĞŚĂƉƉLJĂŶĚŚĞĂůƚŚLJƌĂŝŐŝƐďĂĐŬǁŝƚŚůĞĂĚŝŶŚĂŶĚĂŶĚ ĐŽŶƟŶƵŝŶŐŚŝƐƚƌĂŝŶŝŶŐŝŶŐŽŽĚĨŽƌŵ͘ ƚƚŚĞĞŶĚŽĨƚŚĞƌĞĐƌƵŝƚŵĞŶƚƉƌŽĐĞƐƐĨŽƌƌĂŝŐ ͛ ƐƉŽƐŝƟŽŶĂƐ<ϵǁĞǁĞƌĞĂďůĞƚŽĐƌĞĂƚĞĂƚĂůĞŶƚƉŽŽůĨƌŽŵĂƉƉůŝͲ ĐĂŶƚƐǁŚŽŚĂĚĂƉƉůŝĞĚ͘dŚŝƐǁĂƐŝŵŵĞĚŝĂƚĞůLJƵƟůŝƐĞĚƚŽĮůůƚŚĞ<ϵƉŽƐŝƟŽŶĂƐ:ŽĞůtĂůƚŽŶŚĂĚƌĞƚƵƌŶĞĚƚŽƐƚĂƟŽŶ ĨŽƌƐŬŝůůƐŵĂŝŶƚĞŶĂŶĐĞ͘ ^KƌĂĚ'ŝĞƌƐĐŚƚŚĞŶũŽŝŶĞĚƵƐĨŽƌϯŵŽŶƚŚƐĮŶŝƐŚŝŶŐƵƉĂƚƚŚĞƐƚĂƌƚŽĨƵŐƵƐƚ͘ƵƌŝŶŐƚŚĂƚƟŵĞƌĂĚƚƌĂŝŶĞĚ ĂůŽŶŐƐŝĚĞƌĂŝŐĂŶĚsŝŬŝŶŐǁŝƚŚKƉĂůƚŚĞϳLJĞĂƌŽůĚŵĂƚƌŽŶŽĨƚŚĞ<ϵƚƌŝŽ͘ƌĂĚǁĂƐĞdžƚƌĞŵĞůLJĞŶŐĂŐĞĚǁŝƚŚƚŚĞ ǁŽƌŬŽĨ&/ZhŚĂǀŝŶŐǁŽƌŬĞĚĐůŽƐĞůLJǁŝƚŚƚŚĞŝŶǀĞƐƟŐ

9 ƚŽƌƐĂŌĞƌďĞŝ
ƚŽƌƐĂŌĞƌďĞŝŶŐϭƐƚĂƌƌŝǀŝŶŐƐƚĂƟŽŶĂƚƚŚĞƚƌĂŐŝĐZŽnjĞůůĞŝŶĐŝͲ ĚĞŶƚŽĨϮϬϭϰ͘ƌĂĚ ͛ ƐƚĞŶƵƌĞǁŝƚŚƚŚĞƵŶŝƚĂůůŽǁĞĚĞŶŚĂŶĐĞĚĞdžƉĞƌŝĞŶĐĞŝŶƚŚĞŝŶǀĞƐƟŐĂƟŽŶƌĞĂůŵĂƐǁĞůůĂƉƉƌĞĐŝͲ ĂƟŶŐƚŚĞĐŚĂůůĞŶŐĞƐŽĨƚŚĞŚĂŶĚůĞƌƌŽůĞ -  ĂƌŽůĞƚŚĂƚŚĞŽďǀŝŽƵƐůLJĞŶũŽLJĞĚ͘ƚƚŚĞĞŶĚŽĨƚŚĞ:ƵůLJǁĞƐĂǁƌĂĚƌĞͲ ƚƵƌŶƚŽϰϮ͘  dŝŵ'ĂƌƌĞƩ &/Z/Es^d/'d/KE &/ZhdZ/E/E'EtZ>/s/E'/Es^d/'dKZ^ ƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌŝŶǀĞƐƟŐĂƚŽƌƐďĞŐĂŶƚƌĂŝŶŝŶŐ ƵƉƉŽŽůŽĨĐĂŶĚŝĚĂƚĞƐƚŚĂƚĐŽƵůĚďĞƵƐĞĚĂƐƌĞůŝĞǀŝŶŐ ŝŶǀĞƐƟŐĂƚŽƌƐ͘dŚŝƐǁŽƵůĚĂůůŽǁďĞƩĞƌĐĂƉĂďŝůŝƚLJǁŚĞŶ ƚŚĞƉĞƌŵĂŶĞŶƚŝŶǀĞƐƟŐĂƚŽƌƐƚŽŽŬůĞĂǀĞŽƌŚĂĚŽƚŚĞƌ ŽƉƉŽƌƚƵŶŝƟĞƐŽƵƚƐŝĚĞƚŚĞƵŶŝƚ͘dŚĞƌĞĂƌĞŽŶůLJĨŽƵƌŝŶͲ ǀĞƐƟŐĂƚŽƌƐƚŚĂƚƌŽƚĂƚĞƚŚĞŽŶ - ĐĂůůĂŶĚǁŚĞŶŽŶĞŽƌƚǁŽ ŽĨƚŚĞƐĞƚĂŬĞůĞĂǀĞŝƚƉƵƚƐĂůŽƚŽĨƐƚƌĞƐƐŽŶƚŽƚŚĞƌĞͲ ŵĂŝŶŝŶŐŝŶǀĞƐƟŐĂƚŽƌƐ͘dŚŝƐŝƐǁŚĞƌĞĂƌĞůŝĞǀŝŶŐŝŶǀĞƐƟͲ ŐĂƚŽƌĐĂŶŚĞůƉŽƵƚ͘ dŚĞƉƌŽĐĞƐƐĨŽƌďĞŝŶŐƚƌĂŝŶĞĚŝƐƚŽďĞƐĞĐŽŶĚĞĚƚŽ &/ZhĨŽƌĂŵŽŶƚŚŽƌŵŽƌĞƐŽƚŚĂƚƚŚĞLJĐĂŶĂƩĞŶĚŝŶĐŝͲ ĚĞŶƚƐĂƐƚŚĞŝŶǀĞƐƟŐĂƚŽƌ͘KŶĐĞƚŚĞLJĨĞĞůĐŽŶĮĚĞŶƚŝŶ ůĞĂĚŝŶŐĂŶŝŶǀĞƐƟŐĂƟŽŶĨƌŽŵƐƚĂƌƚƚŽĮŶŝƐŚƚŚĞLJĂƌĞĂƐͲ ƐĞƐƐĞĚďLJƚǁŽŽĨƚŚĞŝŶǀĞƐƟŐĂƚŽƌƐĂƚĚŝīĞƌĞŶƚŝŶĐŝĚĞŶƚƐ ďĞĨŽƌĞƚŚĞLJĐĂŶĐŽŶĚƵĐƚĂŶŝŶǀĞƐƟŐĂƟŽŶďLJƚŚĞŵƐĞůǀĞƐ͘ KŶĐĞƚŚŝƐŝƐĐŽŵƉůĞƚĞƚŚĞLJĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽĐŽŵƉůĞƚĞ ĂŶĞĚƵĐĂƟŽŶĐŽƵƌƐĞŝŶĮƌĞŝŶǀĞƐƟŐĂƟŽŶĞŝƚŚĞƌƚŚƌŽƵŐŚ ŚĂƌůĞƐ^ƚƵƌƚhŶŝǀĞƌƐŝƚLJŽƌĂŶďĞƌƌĂ/ŶƐƟƚƵƚĞŽĨdĞĐŚͲ ŶŽůŽŐLJ͘ ^ŽĨĂƌƚŚŝƐLJĞĂƌĨŽƵƌĮƌĞĮŐŚƚĞƌƐŚĂǀĞďĞĞŶƚƌĂŝŶĞĚƵƉ ƚŽďĞĐŽŵĞƌĞůŝǀŝŶŐŝŶǀĞƐƟŐĂƚŽƌƐ͘dŚĞLJĂƌĞY&:ĂĐŬĚͲ ŵĂŶ͕^&ĂǀĞ<ŽƐƚĞƌ͕^KĂǀĞƌŽƐƐĂŶĚ>^KŚƌŝƐ&ŽƌͲ ƐƚĞƌ͘dŚĞLJŶŽǁũŽŝŶŽƵƌŽƚŚĞƌƌĞůŝĞǀĞƌƐǁŚŽĂƌĞ^&^ƵĞ ĂLJůŝƐƐ͕^&dĂƌĂƵƌƚŽŶ͕^K:ŽĐŬ'ŝůŵŽƵƌĂŶĚ^KŚƌŝƐ ,ƵŐŚĞƐ͘  DŝĐŚĂĞů&ŽƌďĞƐ >ZEddd/KEE/E^ Y&ƌĂŝŐĂŶĚ^KƌĂĚǁŝƚŚsŝŬŝŶŐ Y&:ĂĐŬĚŵĂŶŝŶƚƌĂŝŶŝŶ